For this situation to stabilize, there must be a massive writedown of debt … Meanwhile, the mainstream media characterizes the rioters in Greece as ‘anarchists,’ but the reality is that many of the Greek people are starving to death. These people aren’t anarchists — they are part of the 62 percent of Greeks who want to take control of their own fate.
The only way the Greeks can do that is to default on their debt and go back to printing their own currency, just as they have for thousands of years. That’s the only way to solve this problem once and for all. Until they do that, we are going to see a carousel of bailouts, continued depression in Greece, and Molotov cocktails, fires and riots in Athens Square.
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